EU Agrees to Impose Price Cap on Russian Oil

The 27 member states of the European Union agreed on Wednesday to impose a price cap on Russian oil in response to Russia’s annexation of regions in Ukraine.

The fresh sanction aims to strike Russia’s oil revenues in the midst of its ongoing war in Ukraine and President Vladimir Putin’s illegal annexation of partially occupied territories in Ukraine.

The Czech Republic, which is currently in charge of the EU presidency, said that a “political agreement” had been reached on the eighth package of sanctions against Moscow.

“The package contains: Prohibition of maritime transport of Russian oil to third countries above the oil price cap and a ban on related services,” the Czech Republic said in a statement on Twitter.